With all the requirements you need to submit, getting a loan is understandably a meticulous process. Fortunately, there are still plenty of options to consider if you need cash ASAP or don't have enough income documents.
So where to apply for a loan easily in the Philippines? Check out this list of legit lenders that offer an easy loan application process in the Philippines.
Whether you’re looking for a personal loan with few requirements, an easy online application process, fast approval, big loanable amounts, or flexible repayment terms, here are some loans to consider:
Loan Amount Term Processing Time What Makes It Easy to Apply for this Loan? UnionBank Personal Loan
Learn more about these loans below:
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If you’re a principal credit cardholder, it’s easy to apply for a UnionBank Personal Loan. Whether you're funding a home improvement or education, you can submit a quick loan application at UnionBank, with no collateral or guarantor needed.
Individuals who meet the following criteria can apply for this personal loan with low interest rates in the Philippines:
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Promo period: Until October 31, 2024
Need funds? Avail of a UnionBank Personal Loan via Moneymax—and, if you apply until October 31, 2024, get a welcome gift worth up to ₱7,499!
If your disbursed amount is below ₱250,000, you get Giftaway cash credits worth ₱1,000. If it's ₱250,000 and above, choose between a JBL Flip 6 Portable Waterproof Speaker worth ₱7,499 or Giftaway cash credits worth ₱5,000.
Click the banner to apply now!
This Moneymax UnionBank Personal Loan promo runs until October 31, 2024. Per DTI Fair Trade Permit No. FTEB 199222 Series of 2024. Terms and conditions apply.
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Digital bank UNOBank offers a very easy loan application process via its mobile app. Plus, you don't need to present an existing credit card or a bank account to apply. No need to give up any asset as collateral as well!
Use this multi-purpose loan to fund your business needs, travel expenses, home improvement projects, and more.
Individuals who meet the following criteria can apply for this loan:
Metrobank launched its personal loan product in 2022, and it looks promising for those who want an easy loan application process. Simply complete an online application form, wait for the bank's email confirmation, and answer the call from the loan officer regarding your application.
Individuals who meet the following criteria can apply for this loan:
What makes this loan from Metrobank one of the easiest to apply for in the Philippines? The bank requires only two documents from borrowers:
If you're looking for an easy bank loan in the Philippines, check out the BPI Personal Loan. It has affordable payment terms and doesn't require any collateral.
You can easily apply through the BPI website and submit your income documents via email. Once your BPI Personal Loan application is approved, you can get your cash quickly through your BPI account.
Individuals who meet the following criteria can apply for this loan:
Apart from a filled-out online application form, the applicant must submit the following requirements:
Are you looking for an easy loan you can apply for online? CIMB Bank [1] offers an all-digital, quick loan in the Philippines. Application takes only ten minutes, with no collateral and no guarantor needed.
Want to know how to apply for a CIMB Personal Loan? It's easy—just download the CIMB Bank mobile app and log in to proceed with your application.
Individuals who meet the following criteria can apply for this loan:
If you have to borrow a big amount and need a long repayment period, a personal loan from SB Finance, [2] which is a partnership between Security Bank and Krungsri Thailand, may be a good fit for you.
You can file an easy loan application in the Philippines, as the process via the Zuki mobile app is purely digital. No credit card is needed to qualify.
Individuals who meet the following criteria can apply for this loan:
Apart from a filled-out application form, the applicant must submit the following requirements based on employment type:
For another easy bank loan in the Philippines, try out the collateral-free PSBank Flexi Personal Loan with Prime Rebate. If you get approved, you’ll receive an ATM card that works like a credit card minus the high interest rate.
Paying your monthly dues also becomes more gratifying with the loan rebate program, which allows you to receive rebates or gain savings when you make advance payments.
Individuals who meet the following criteria can file a PSBank Flexi Loan application online or in-branch:
Apart from a filled-out PSBank Flexi Personal Loan Application Form, the applicant must submit the following requirements:
Looking for a loan to fund big goals? With the RCBC Personal Loan, you can borrow up to ₱2 million. You have to secure only a few documents—plus, you can get a low interest rate!
Filipinos who meet the following criteria can apply for this loan:
An easy loan in the Philippines that guarantees fast approval and a quick application is the Tonik Credit Builder. [3] Tonik loan application is 100% digital through the bank's mobile app, making the process convenient and hassle-free.
True to its name, it's a great option if you don't need a big loan amount and just want to start building your credit history.
Individuals who meet the following criteria can apply for this loan:
With just an Android phone and a valid ID, you can already apply for a Tala loan online. [4] Just download this easy loan mobile app to enjoy a quick loan application. The payment terms are flexible, allowing you to choose your due date.
Individuals who meet the following criteria can apply for this loan:
If you need cash ASAP, check out the EastWest Bank Personal Loan. You just need a handful of documents, some of which you may already have lying around. The easy online application process takes only three steps—fill out the form, upload your scanned documents, and submit both.
Individuals who meet the following criteria can apply for this loan:
Lucky qualified UnionBank account holders need only to receive an invitation notification to apply for this loan. They can also get approved within 60 seconds!
Qualified UnionBank deposit account holders who received an SMS or email invitation can apply for this loan.
Need funds fast? With GLoan's easy loan application process, you can get some in a matter of minutes.
Avail of GLoan instantly via the GCash app. As long as you have a high GScore, you'll get approved—no additional documents and collateral needed!
Individuals who are pre-qualified users with a high GScore
Looking for more loans you can easily get via an app? Check out the Maya Personal Loan.
You only need an upgraded Maya account. You can also complete the entire application process in-app. Note, however, that it's available only to select Maya users at the moment.
Upgraded Maya account
With ACOM, [5] you can quickly apply for an easy loan online through the ACOM app or at any ACOM booth or branch near you. The requirements for this revolving credit line are basic, and there’s no need for a co-maker or collateral. Depending on your evaluation, your REVOMAX loan can also get approved within the day of application.
Individuals who meet the following criteria can apply for this loan:
Need cash to start a personal project, buy big-ticket items, or pay off unexpected expenses? Check out the Home Credit Cash Loan. With this loan product, you can get approved in as fast as one minute!
Individuals who meet the following criteria can apply for this loan:
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Now you know how convenient taking out a loan from banks and other financial institutions can be these days! But before you sign up for that loan, here are some helpful reminders for easy loan application and approval.
Why do you need to take out a loan? The answer will determine the right kind of loan and which lender to get it from.
If you need just a few thousand pesos to tide you over, you can get a payday loan or an online loan. But if you’re looking for a loan for funding a home renovation, a wedding, or a small business, a multi-purpose loan is the ideal choice.
How much do you need to borrow to fund your loan purpose? More importantly, how much can you afford in monthly repayments?
One of the things banks and loan providers look at is an applicant’s debt-to-income ratio, which is the percentage of your gross monthly income that goes to paying your monthly debt payments. [6]
When you take out a loan, you may be offered several loan term options. But keep in mind that longer loan terms mean more interest charges and higher interest rates over time. It’ll take longer for you to pay off the loan and finally become debt-free.
On the other hand, a shorter loan term can improve your chances of getting approved. Loan providers prefer shorter payback periods because of the lower chances that your financial situation will change during the loan period.
Make sure to check the loan qualifications before submitting your loan application. Banks and financial institutions offer minimum and maximum loan amounts, so it’s not guaranteed that you’ll be approved for the maximum amount. This will still depend on your income and your credit history.
If you wish to apply for a loan and get approved, check your credit score. This is one of the major considerations of loan providers when approving or rejecting a loan application.
Take the necessary steps to fix a bad credit score, preferably while you still don’t need a loan. Pay off those delinquent credit cards or any unpaid loans. Get a copy of the bank clearance letter and check credit reporting agencies to see if your information is correct and updated.
Check different providers' loan products to compare rates and terms. If you can speak to a loan officer, ask questions about the loan application process, the requirements, repayment schedules, fees, and charges.
This way, you can get all the information you need and choose the right loan product. You'll be able to see if you have the financial capacity to pay off the loan promptly.
Prepare all your income documents to facilitate a quick loan application process, especially if you need the loan to get approved ASAP. Make sure they are updated and that all information is true and correct.
Read the terms and conditions and study the personal loan fees. How much are the application or origination fees? Are the late payment fees and prepayment penalty fees too high? You can find the least expensive loan by comparing the loan’s total cost, which includes fees and charges.
Applying for too many loans is a sign that you’re a high credit risk. This will alert loan providers that you’re really in a financial bind. It can negatively impact your loan application.
Learn about your available loan options to identify the right fit before submitting your loan application. Compare your loan options online using a comparison website like Moneymax to know the eligibility criteria, repayment options, and applicable fees.
Missed payments will not just hit you with late payment fees—they'll also negatively impact your credit score and your relationship with your loan provider. As a result, it will be more challenging for you to apply for a new loan.
To make sure you don’t miss a loan payment, set up an automatic debit arrangement on your savings account, or set a recurring reminder on your phone or computer a few days before your due date.
Aside from an easy loan application process, consider other factors when choosing a personal loan.
Make sure you can afford the monthly payments. Whether it’s a short-term or long-term loan, pick one that will work with your current financial situation and your repayment timeline. This way, it will be easy for you to apply for a loan again should you need one in the future.
Meanwhile, if you're looking for more personal loan options, check out the options below and apply easily through Moneymax:
Provider Loan AmountMonthly Add-on Rate
Minimum Annual Income
Approval Time
UnionBank Personal Loan
Sources:
Venus has almost 20 years of combined experience in content marketing, SEO, corporate communications, and public relations. Most of her career was spent creating informative articles on personal finance and digital marketing. She also invests in stocks, mutual funds, VUL, and Pag-IBIG MP2. Venus graduated cum laude with a Journalism degree from the University of the Philippines Diliman. A hardcore Hallyu Tita, she loves bingeing Korean shows on Netflix while bonding with her cats. Follow Venus on LinkedIn.
